India seeks U.S. investment in transport sector

WASHINGTON: India today sought more participation by U.S. companies in its rapidly growing transport infrastructure sector, which authorities on both sides agreed was the key to achieve higher economic growth.

While Prime Minister Manmohan Singh has sought $150 billion investment in core sectors over the next 10 years, Transport Minister T R Baalu and Civil Aviation Minister Praful Patel noted that the two sectors alone needed around $80 billion in the next 5-7 years.

India will invest around $39 billion in the next seven years for the development of National Highways, mainly through Public-Private partnership, Baalu said. There is an excellent opportunity for the U.S. business community to participate in infrastructure projects," he observed.

"India has just under 200 commercial airplanes against 6,000-7,000 commercial planes in the U.S. The aspiring Indian middle class has great potential to multiply this figure ten times. That means more business for foreign aircraft manufacturers," Patel said.